What’s Ahead For Mortgage Rates This Week – June 6, 2016

What's Ahead For Mortgage Rates This Week - June 6, 2016Last week’s housing related news was limited to Construction Spending and Freddie Mac’s mortgage rates survey, but labor reports suggested an economic slowdown may be in the works.

Construction Spending Slips in April, Mortgage Rates Mixed

According to the Commerce Department, overall construction spending slipped in April to -1.80 percent as compared to March’s reading of +1.50 percent and May’s expected reading of +0.70 percent. Residential construction spending was 1.50 percent lower, which doesn’t help ongoing shortages of available single-family homes. Builders have repeatedly cited labor shortages and lack of developed lots as obstacles to building more homes. Year-over-year construction spending was 4.50 percent higher.

Freddie Mac reported higher rates for fixed-rate mortgages while the average rate for a 5/1 adjustable rate mortgage was one basis point lower at 1.87 percent. Rates for a 30 year fixed rate mortgage averaged two basis points higher at 3.66 percent; rates for a 15-year fixed rate mortgages were three basis points higher at 2.92 percent. Average discount points were unchanged for all loan types at 0.50 percent.

Labor Reports Indicate Slowing Jobs Market And Economy

According to the Non-farm Payrolls report for May, U.S. jobs increased at their lowest rate in five years with 38,000 new private and public sector jobs added. Temporary hiring also hit its lowest reading in seven years, which was seen as a negative as temporary jobs often transition to permanent positions.

Analysts said that May’s extremely low reading for jobs created indicates that a revision is likely. This inconsistency was supported by the national unemployment rate of 4.70 percent, but the lower jobless rate was attributed to workers leaving the labor force.

ADP’s May reading for private sector jobs rose to 173,000 jobs against expectations of 165,000 jobs and April’s reading of 268,000. This reading was further evidence that the Non-farm Payrolls report was likely inaccurate.

Last week’s new jobless claims fell to a five-week low of 267,000 as compared to expectations of 279,000 new claims and the prior week’s reading of 268,000 new claims.

What’s Ahead This Week

Economic news scheduled for this week include a speech by Federal Reserve Chair Janet Yellen on Monday; this speech could foreshadow the Fed’s decision to raise or not raise the Fed’s target federal funds rate during its FOMC meeting later this month.

Readings on job openings and consumer sentiment will be released along with weekly reports on mortgage rates and new jobless claims.

17525 W Desert Sage Drive Goodyear, AZ 85338

$539,900
5 Beds
3 Baths
2,950 SqFt
Status Active
MLS # 6773631
Property Type Single Family Residence
Price Type --
Step into the vibrant lifestyle offered by this stunning two-story home located in the Golf Village neighborhood of the highly sought-after Estrella community in Goodyear. Framed by the scenic Estrella mountains, this 5-bedroom, 3 full-bath residence features fresh paint and new carpeting in the bedrooms, creating a welcoming atmosphere that's move-in ready. The spacious layout includes a downstairs bedroom with a full bath—perfect for guests, multigenerational living, or flexible use to suit your lifestyle needs. A laundry room is conveniently located downstairs, and the garage is pre-plumbed for a utility sink. Enjoy peace of mind and added comfort with two newer A/C units (2021), a fantastic upgrade that saves on future costs and keeps the home cool all summer long. The kitchen is a chef's delight, complete with an island, sleek granite countertops, a brand-new stainless steel refrigerator, and an electric cooktop. The roomy pantry and bright eat-in breakfast nook make it easy to enjoy casual meals, while a formal dining area awaits special gatherings. Upstairs, the owner's suite serves as a private retreat, featuring an en-suite bathroom with a soaking tub, separate shower, and an expansive walk-in closet. Four additional bedrooms and a large entertainment room offer ample space for everyone to unwind. The oversized backyard is an entertainer's dream, complete with a sparkling poolperfect for cooling off during Arizona summersand plenty of space for hosting gatherings on the expansive lot. Relax in the shade under the covered patio, complete with a ceiling fan to keep you cool. Plus, you're just steps away from a neighborhood park, adding even more outdoor enjoyment. Nestled against the scenic Sierra Estrella Mountains, the Estrella community offers resort-style living with amenities designed to enrich every aspect of life. Residents enjoy exclusive access to two Resident Clubs, each equipped with a full gym, library, restaurants, teen center, yoga and dance studios, and even a community garden. Embrace lake living with options for boating, relax at the waterpark and community pools, or perfect your game at the Jack Nicklaus-designed Golf Club of Estrella.This vibrant community also hosts unforgettable events, including Ballet Under the Stars, music festivals, an annual 4th of July fireworks show, and a lively farmers market. Nearby, explore the Goodyear Recreation Campus, catch a spring training game at Goodyear Ballpark, or let your dog enjoy the nearby off-leash dog park.With miles of trails, parks, top-rated schools, and convenient shopping and dining, Estrella's setting is as beautiful as it is functional. Begin each day with breathtaking mountain views and end it with a wealth of activities just steps from your door. Tour this home today and experience all the comforts and lifestyle perks this exceptional community has to offer!

1237 E Clearview Drive Casa Grande, AZ 85122

$539,900
3 Beds
2.5 Baths
2,449 SqFt
Status Active
MLS # 6774044
Property Type Single Family Residence
Price Type --
Santa Fe-Style Oasis Awaits! Discover your dream home in Clearview Ranch! This stunning 2,500 sq ft residence sits on nearly a quarter-acre on a set-back corner with green space on 3 sides, offering a serene and private outdoor retreat. Enjoy spacious, light-filled living areas perfect for entertaining. Relax by your newly resurfaced sparkling pool, or unwind on your private patio. Take advantage of a 220-volt outlet in the super-sized 2.5-car garage perfect for vehicles and all your hobbies. Stay cool with the new AC unit installed in 2020. Admire the beautiful beehive fireplace and Santa Fe-inspired architecture complete with new composite vigas. This home is truly stunning!

5351 N Pioneer Drive Eloy, AZ 85131

$539,900
3 Beds
2.5 Baths
2,543 SqFt
Status Active
MLS # 6774148
Property Type Single Family Residence
Price Type --
This well-kept Talavera model, built with Integra block, is on a North/South-facing lot with great views. Enter through the paver courtyard and knotty alder front door to see all the upgrades. The floors have a unique tile design, with crown molding and wood-framed windows throughout. The kitchen is large, featuring 42'' cabinets, granite countertops, a touchless faucet, pull-out shelves, gas cooktop, and a new microwave. The guest bedroom can become an ensuite by closing the barn door. Both the dining area and primary bedroom have bay windows. The laundry room has lots of storage and a bar area, with a refrigerator, washer, and dryer included. The extended paver patio is perfect for enjoying your morning coffee and sunrises with outdoor furniture and flowerpots that stay. The 4' extended garage has a sink and a side service door. The golf cart will convey too! There is a bonus room that is currently being used as a hobby room but can easily be a third bedroom or a second office or even a game room.

7750 E Hermosa Vista Drive Mesa, AZ 85207

$539,900
3 Beds
2 Baths
1,690 SqFt
Status Active
MLS # 6782123
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled home on a county island in Mesa! The home features designer touches throughout including custom cabinets & vanities, Bedrosian tile & flooring, & much more. The roof is only 2 years old, AC is less than 5 years old, brand new windows, & the septic tank was recently serviced & in great condition. The home sits on almost half an acre corner lot, with block walls for extra privacy! Low Maintenace landscape in the front & backyard

5116 N Granite Reef Road Scottsdale, AZ 85250

$539,900
4 Beds
2.5 Baths
1,752 SqFt
Status Active
MLS # 6784059
Property Type Townhouse
Price Type --
Fully remodeled 4 Bed, 2.5 Bath townhome in Chateau De Vie! Not a single detail spared in this remodel including Oak cabinets, hand scraped hardwood floors, red oak stairs, champagne brass fixtures, solid core doors, new dual pane windows, flush mount lighting in every room, Capiz shell chandelier, and so much more. All appliances are included. Separate lockable storage and large landscaped enclosed patio. This unit is one of the best we've seen. STR is allowed. You need to see it in person today!

10536 E Baltimore Street Apache Junction, AZ 85120

$539,900
4 Beds
2.5 Baths
1,857 SqFt
Status Active
MLS # 6787848
Property Type Single Family Residence
Price Type --
Move in Ready New Build! NO HOA! 2 RV Gates! Single Story 4 Bed 2.5 Bath on an Oversized .25 Acre Corner Lot! Brand New Dream Home with Everything you can ask for! Open floor plan with glazing in all the right areas to allow natural light throughout along with modern kitchen cabinets, walk-in pantry, steel appliances, fixtures and finishings throughout this high ceiling spaciously designed beautiful home. The Backyard is open to your Imagination with no HOA and an RV Gate on Both Sides of the Property you can store all of your toys, boats, RV's and a large enough lot to have room to spare. Ideally located close to freeways, shopping, dining, and within proximity to Usury Mountain, Saguaro Lake, Salt River, trails and other desired areas. Won't last long at this price before it's gone

17856 W Summerhaven Drive Goodyear, AZ 85338

$539,900
4 Beds
3 Baths
2,793 SqFt
Status Active Under Contract
MLS # 6773635
Property Type Single Family Residence
Price Type --
Step into the vibrant lifestyle offered by this stunning two-story home in the highly sought-after Estrella community of Goodyear. This 4-bedroom, 3-bath home has been freshly painted, new carpeting, natural stone flooring throughout, offering a welcoming atmosphere that's ready for you to move in. The spacious layout includes 1 bedroom and a full bath downstairs, along with a unique bonus room that could easily serve as a fifth bedroom, allowing for two bedrooms and a full bath on the main floor—ideal for guests, multigenerational living, or use as a game room/den/office—flexible spaces to fit any lifestyle! North/south exposure enhances energy efficiency to keep you cool during hot Arizona summers, while a soft water loop in the garage adds convenience. The kitchen is a chef's dream, featuring an expansive island, sleek granite countertops, a stainless steel refrigerator, and a gas cooktop, all designed to inspire culinary creativity. With a walk-in pantry, ample counter space including a buffet/prep area, and abundant storage with upper and lower cabinets, this space makes both everyday cooking and entertaining seamless. Enjoy casual meals in the bright eat-in breakfast nook, or host formal gatherings in the adjacent dining room. Upstairs, the owner's suite is a true retreat, complete with an en-suite bathroom, a soaking tub, a spacious separate shower, and a large walk-in closet with natural light. Three bedrooms and a loft offer private spaces for family or guests. Laundry upstairs.(Outside, discover your private oasis designed for relaxation and entertainment. The oversized backyard features a heated pool, hot tub, and a private putting green, making it perfect for both fun and unwinding. Relax under the covered patio with a ceiling fan or fire up your dream outdoor kitchen, with a gas stub ready for a custom barbecue island. Conveniently located within walking distance of a top-rated elementary school and equipped with two brand-new A/C units (2024), this home is set for year-round enjoyment. Nestled against the scenic Sierra Estrella Mountains, the Estrella community offers resort-style living with amenities designed to enrich every aspect of life. Residents enjoy exclusive access to two Resident Clubs, each equipped with a full gym, library, restaurants, teen center, yoga and dance studios, and even a community garden. Embrace lake living with options for boating, relax at the waterpark and community pools, or perfect your game at the Jack Nicklaus-designed Golf Club of Estrella.This vibrant community also hosts unforgettable events, including Ballet Under the Stars, music festivals, an annual 4th of July fireworks show, and a lively farmers market. Nearby, explore the Goodyear Recreation Campus, catch a spring training game at Goodyear Ballpark, or let your dog enjoy the nearby off-leash dog park.With miles of trails, parks, top-rated schools, and convenient shopping and dining, Estrella's setting is as beautiful as it is functional. Begin each day with breathtaking mountain views and end it with a wealth of activities just steps from your door. Tour this home today and experience all the comforts and lifestyle perks this exceptional community has to offer!

7109 E Veracruz Way Gold Canyon, AZ 85118

$539,900
3 Beds
2 Baths
1,862 SqFt
Status Active Under Contract
MLS # 6780019
Property Type Single Family Residence
Price Type --
Premium .22 Acre lot w/no neighbors to north or east offers PRIVACY and views in Superstition Foothills. This single level offers 3 bedrooms plus den, 2 baths, 3 car garage and private resort backyard. Stunning remodel creates a true open great room w/wood plank flooring & vaulted ceiling. Huge standalone island boasts beautiful granite, custom cabinetry & pendant lighting. Custom dining area features gorgeous lighted cabinetry, glass backsplash, wine cooler & prep sink. Plantation shutters T/O. Spacious primary bedroom offers vaulted ceiling, sitting area, large bath, and huge walk-in closet. Guest bedroom wing provides privacy for guests & family featuring 2 bedrooms & large bath w/upgraded shower. Professionally landscaped private oversized resort backyard sports sparking pool w/water feature, 2 curbed turf areas w/putting green, covered patio, views and double gate access. HOA only $63/mo, close to 5 Gold Canyon golf courses, world class hiking in the Superstition Mountains, restaurants, shopping & 35 min to Phx Sky Harbor.

16820 E La Montana Drive Unit 103 Fountain Hills, AZ 85268

$539,900
4 Beds
2.5 Baths
2,219 SqFt
Status Active Under Contract
MLS # 6781703
Property Type Townhouse
Price Type --
Former model home with lots of upgrades in this highly desired community close to shopping, downtown Fountain Hills, and the world famous Fountain Park. Enjoy the gourmet kitchen, spacious family room with soaring ceilings and plantation shutters. Upscale furniture and all furnishings available under separate bill of sale for a move-in ready experience. First floor primary suite is ideal. Pride of ownership throughout; even the 2-car garage is pristine. Quiet, walkable community; complex boasts a lap pool, hot tub and ramada.

1601 W Orchid Lane Chandler, AZ 85224

$539,900
3 Beds
2.5 Baths
1,786 SqFt
Status Active
MLS # 6764320
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the highly desirable neighborhood of Andersen Springs in Chandler. This beautifully updated 3 bedroom, 2.5 bathroom home boasts a prime location, just steps away from shopping, restaurants, and easy freeway access. Step inside and be greeted by a spacious and bright open floor plan, perfect for entertaining and family gatherings. The kitchen features modern SS appliances, newly painted cabinets & hardware, and abundant storage space. The cozy family room with a fireplace is the perfect place to relax and unwind after a long day. Upstairs, you will find three generously sized bedrooms, including a master suite with a private balcony overlooking the tranquil green belt and walking trail. But that's not all - this home has received numerous recent updates, including fresh exterior and interior paint, new flooring and carpet, a serviced A/C unit, and even a new roof underlayment. Every detail has been taken care of for you, including a thorough cleaning and fresh landscaping. Don't miss the opportunity to make this dream home yours. Schedule a showing today and experience the best of Chandler living in the beautiful Andersen Springs community.

25170 N 134th Lane Peoria, AZ 85383

$539,900
5 Beds
2.5 Baths
2,538 SqFt
Status Active
MLS # 6725003
Property Type Single Family Residence
Price Type --
Amazing opportunity for paid off solar! What a beautiful energy-efficient home in Rancho Cabrillo! A 2-car garage, RV gate, stone accents, and a welcoming front porch are worth mentioning. Inside, you'll love the inviting open floor plan graced with bountiful natural light. Upgraded kitchen boasts gleaming stainless steel appliances, recessed lighting, staggered cabinets with crown moulding, a walk-in pantry, quartz counters, and a waterfall prep island with a breakfast bar. Venture to the primary retreat equipped with plush carpet, an ensuite with dual sinks, and a walk-in closet. Cozy loft can be used as a reading nook! Secondary bedrooms are upstairs. Oversized backyard with a covered patio is a blank canvas waiting for your creative landscape ideas.

62 W Melody Drive Gilbert, AZ 85233

$539,900
4 Beds
2.5 Baths
2,020 SqFt
Status Active
MLS # 6724921
Property Type Single Family Residence
Price Type --
Perfect LOCATION. Within 2 miles you'll find Sam's, Fry's, Trader Joe's, Sprouts, Walmart, restaurants, and access to Hwy 60. 3' of insulation in attic gives an average electric bill of $165/mo. Nearly everything in this home is new/newer--$40,000 kitchen with soft-close doors/drawers, pull-out shelves, slab granite, baths updated, high-quality tile/carpet, $10,000 banister to 2nd floor, new lighting, faucets, water heater, exterior paint 2019, roof restacked 2015 w/ 30-yr underlayment, AC 2013, cul-de-sac, professionally installed turf in back yard, ultra-quiet garage door opener, garage ceiling rack storage system, newer sunscreens, extended patio. No homes directly behind. HOA super low at only $95/qtr. Great, very quiet neighborhood with friendly neighbors.